Andrew Henshaw is a founding partner and managing director of Velocity Legal, a legal firm designed to help new and existing business owners manage all of their legal matters — from complex tax situations, setting up your legal structure (properly!), commercial deals (buying and selling a business), and so much more.
Andrew Henshaw sat down with Owen Rask on The Australian Business Podcast, Australia’s leading podcast series for business owners, to talk about his business, and the lessons learned from advising hundreds of businesses throughout Australia.
Topics covered with Andrew Henshaw of Velocity:
- Andrew’s journey starting Velocity Legal with his partners and scaling it to 30 staff
- When it comes to a business owner thinking about the structure of their business (sole trader, trust, company or partnership) do you have any broad rules of thumb for how people can think about these structures for legal and tax purposes?
- How hard is it to switch between structures as the need arises?
- In what circumstances, or when, might someone consider switching from a sole trader to a company structure for tax benefits?
- When it comes to someone choosing between a trust or a company for risk/legal reasons, how do you make a distinction? Is it possible to use both?
- Is it possible to protect family/personal assets from a business?
- Andrew Henshaw’s advice for business owners looking to sell their business:
- From a practical perspective – steps to take
- From a legal and tax perspective – maximising your sale price
- What’s one thing that separates great business owners from the rest?
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